1,000+ New ATM Terminals and Soaring Crypto Prices Drive Customer Engagement; Registrations up 141% and Per Transaction Amounts Increase Nearly 50%
CoinFlip, the leading Bitcoin ATM operator globally, today announced record performance in 2020, with a 359% increase in revenue from the year prior and more than tripling the size of its Bitcoin ATM network. Responding to record demand for easy and accessible avenues to buy and sell cryptocurrency, CoinFlip grew its network from 441 ATMs in January 2020 to over 1,400 by year’s end, with terminals in 45 of the 50 states.
“2020 was the year Bitcoin proved all the doubters wrong and showed that the cryptocurrency market is maturing and viable,” said Daniel Polotsky, CEO and founder of CoinFlip. “As we continue to expand our ATMs across the United States and later internationally, we offer a quick, secure and simple cash-to-crypto onramp allowing anyone to quickly and safely start investing in Bitcoin and other cryptocurrencies.”
Additionally, CoinFlip saw an average 48% increase in the amount per customer transaction in 2020. To meet the needs of the growing number of customers who wish to invest $1,000 or more, CoinFlip introduced a high-touch, concierge OTC trading service with a low investment minimum.
“At CoinFlip, we believe cryptocurrency is a tool that can be made available to anyone, accelerating financial inclusion across the globe,” continued Polotsky. “By the end of 2021, our goal is to expand our network beyond North America, into international markets, enabling greater access to communities and individuals with reduced or no access to traditional banking resources.”
To support its unprecedented growth, CoinFlip increased its Chicago-based workforce from 17 employees at the start of 2020 to a team of 160, relocating to a new global headquarters in Chicago’s popular West Town neighborhood.